As the food delivery application Swiggy readies itself for its initial public offering, it declared on Friday that it has launched a rapid delivery service called Bolt, promising to deliver a meal within 10 minutes. It is pushed by the increasing demand of consumers for speedier and convenient food delivery, and will start operations in some of India's cities first.
"Iconic food brands have been built on the axis of time, taste, and convenience. And today a few cities will enjoy the first trial of a unique (and hopefully iconic) marketplace within Swiggy Food, " said Rohit Kapoor, CEO at Swiggy's Marketplace in a LinkedIn post. According to him, the 10-minute delivery service is going to be available in Bangalore, Hyderabad, Mumbai, Chennai, Delhi, and Pune.
So, the people in Bangalore, Hyderabad, Mumbai, Chennai, Delhi, Pune, the challenge for you is to pick your food in lesser time than it takes for us to deliver your food. While the rest of India, watch out for this rolling out to you asap," Kapoor added.
Kapoor is looking at involving the customers in those areas and is urging them to participate with the challenge of ordering meals quicker than Swiggy can deliver. Bolt currently operates only in limited zones, so based on customer feedback and operational efficiency, Swiggy would gradually be expanding it to other regions.
The IPO includes an equity issuance of ₹3,750 crore in fresh terms and an offer-for-sale by existing shareholders of 185,286,265 equity shares. The offer will be grouped into qualified institutional buyers (QIBs), anchor investors, and mutual funds. Bids between ₹2 lakh and ₹10 lakh will also find place with one-third allocation reserved for them and the remaining for those applying for over ₹10 lakh, in addition to a retail portion.
The IPO will enable early investors in Swiggy, including Accel, Prosus, and Tencent, to exit a portion of their stakes and gain substantial returns. Other key backers, such as Apoletto, Coatue, DST Euro Asia, Inspired Elite Investments, and Norwest, will also be in a position to sell parts of their holdings.
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